China drives global oil demand recovery out of coronavirus collapse

Benchmark oil prices have also bounced back as lockdown measures eased, with Brent futures rallying 50% and US crude futures over 90% since May 1

China's oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns.

While China - the world's second-largest oil consumer - is the outlier for now, easing travel restrictions and stimulus packages aimed at resuscitating economies could accelerate global oil demand in the second half of 2020, industry executives said.

"The brisk resumption of Chinese oil demand, 90% of pre-Covid levels by the end of April and moving higher, is a welcome